Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Equity

Note 13 - Shareholders' Equity

The following table shows the change in Preferred and Common Stock issued and Common Stock held as treasury shares for the three years ended December 31, 2013.

(shares in thousands)	Series A Preferred Stock Issued		Series C Preferred Stock Issued	Common Stock Issued		Treasury Stock Held
Balance at December 31, 2010	968		—	790,956		5,693
Issuance (forfeitures) of non-vested stock, net	—		—	(1	)	—
Restricted share unit activity	—		—	19		—
Settlement of prepaid common stock purchase contracts	—		—	15		—
Balance at December 31, 2011	968		—	790,989		5,693
Restricted share unit activity	—		—	1,284		—
Balance at December 31, 2012	968		—	792,273		5,693
Settlement of prepaid Common Stock purchase contracts	—		—	122,848		—
Issuance of Common Stock	—		—	59,871		—
Restricted share unit activity	—		—	2,616		—
Stock options exercised	—		—	437		—
Issuance of Series C Preferred Stock	—		5,200	—		—
Redemption of Series A Preferred Stock	(968	)	—	—		—
Balance at December 31, 2013	—		5,200	978,045		5,693

Series A Preferred Stock

On July 26, 2013, Synovus redeemed all 967,870 shares of its Series A Preferred Stock issued to the U.S. Treasury under the CPP established under TARP. Over two-thirds of the $967.9 million TARP redemption was funded by internally available funds. The balance of the redemption was funded by net proceeds from the equity offerings completed in July 2013, as described below.

Series C Preferred Stock

On July 25, 2013, Synovus completed a public offering of $130 million of Series C Preferred Stock.  The offering generated net proceeds of $125.9 million. From the date of issuance to, but excluding, August 1, 2018, the rate for declared dividends is 7.875% per annum.  From and including August 1, 2018, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 6.39% per annum.

Common Stock

On July 24, 2013, Synovus completed a public offering of 59,870,550 shares of its Common Stock at $3.09 per share. The offering generated net proceeds of $175.2 million.

On May 15, 2013, all outstanding prepaid common stock purchase contracts from Synovus' May 4, 2010 public offering of 13,800,000 tMEDS automatically settled which resulted in the issuance of 122,848,209 shares of common stock. Upon settlement, an amount equal to $1.00 per common share issued was reclassified from additional paid-in capital to Common Stock.